The E-Sylum:  Volume 6, Number 15, April 13, 2003, Article 4

NEW CURRENCY FOR IRAQ

  David Klinger writes: "There has been a lot of speculation about
  what is going to happen to the monetary system in Iraq in view
  of the current military operations there. This is from the 9 April
  edition of the "Financial Times" of London:

  "Washington has its own plans for what to do with the monetary
  system in Iraq. Treasury officials say that at present they have
  three phases in mind.

  In the first, for the sake of speed and simplicity, government
  officials and key workers will be paid in dollars, as indeed has
  already happened to local dock workers refitting the port of
  Umm Qasr.

  Second, as early as the next few days, a batch of new "Swiss
  dinars" - the old Iraqi currency still circulating in the Kurdish
  areas - will be printed. US Treasury officials say that the British
  company De La Rue printed the original stock of dinars and
  still has the printing plates, though De La Rue declined yesterday
  to discuss any of its past or future customers.

  In the third phase, a new currency replacing both the Swiss
  dinar and the newer "Saddam dinar" will be circulated."

  Wayne Homren, Editor

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